EUR / GBP remains close to weekly lows, below 0.8950

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  • EUR / GBP fell for the second day in a row on Wednesday.
  • Libra continues to cut losses from last Thursday.

The EUR / GBP remained weak during the European session and fell to 0.8934, reaching the lowest level since last Thursday. The cross remains in the area of ​​the lows, with a bearish bias.

The pound is rising against the euro for the third time considering the last four weeks. It continues to have support based on the expectations of a Brexit deal. Negotiations continue and it is estimated that next week could be closed. At the same time, inflation data were released above expectations in the United Kingdom.

On Tuesday, it was also known that inflation in the Eurozone rose 0.2% in October, above the expected increase of 0.1%. The annual rate remained at -0.3%.

Technical overview

From a technical point of view, EUR / GBP is testing the support zone of 0.8935, which is the last strong level before 0.8900. A drop below 0.8900 would re-enact medium-term support at the 0.8860 zone, which contained the lows in June, September and November.

If it holds above 0.8935 / 40 the euro could rebound, but the dominant bias remains bearish. A daily close above 0.9070 would negate that outlook.

Technical levels

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